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Kesko Q1 loss widens YOY

Kesko Oyj said its first-quarter normalized net income amounted to a loss of 65 euro cents per share, compared with the S&P Capital IQ consensus estimate of 18 cents per share.

The per-share loss grew year over year from 8 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €64.0 million, compared with a loss of €8.4 million in the prior-year period.

The normalized profit margin declined to negative 3.1% from negative 0.4% in the year-earlier period.

Total revenue declined year over year to €2.08 billion from €2.13 billion, and total operating expenses climbed year over year to €2.19 billion from €2.14 billion.

Reported net income came to a loss of €109.9 million, or a loss of €1.11 per share, compared to a loss of €10.9 million, or a loss of 11 cents per share, in the prior-year period.